As a former critic of the passivity of Oslo Borse and Finanstelsenit, it is clear to me that they have once again taken an early Christmas break when it comes to protecting the rights of minority shareholders. The most recent example is the Solstad Offshore case, where the regulatory authorities appear to have once again abdicated their responsibility and allowed the majority of shareholders to dictate terms.
My previous criticisms, particularly in relation to the Hoegg LNG case, reflect a pattern we are seeing again in the Solstad Offshore case. In the past, I have pointed out how majority shareholders, with alarming regularity, ignore the rights of minority shareholders, apparently without the so-called “regulatory bodies” – Oslo Børs and Financilsint – intervening. This repeated pattern of inaction undermines confidence in our financial markets and raises doubts about the effectiveness of existing regulations to protect minority shareholders.
This time it is Christine Sves who has taken on the role of defender of the little man in the battle against the dominance of the majority shareholders. His efforts in the Solstad Offshore case are a shining example of how important it is to have strong voices who can challenge entrenched power structures. It is time for other minority shareholders to follow suit, stand together and actively use their voices at general meetings to protect their interests.
In light of recent developments, it has become clear that minority shareholders can no longer remain passive spectators. We must influence and actively participate in the financial market. It is essential that we stand together and exercise our voting rights, either directly or through a power of attorney to trusted representatives like Sveaas. This will not only strengthen our position, but will also send a strong signal to both company management and regulators that it is time for change.
Pal Vaje Martinsen
Hobby investor and minority shareholder in Solstad Offshore
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